The computer controlling its logistics is the world's most powerful after the Pentagon's.
In 2001, the Sunday Times Rich List put Robson Walton, the chairman, at the top of the list, with a fortune worth $US65.2 billion (￡45.3 billion). Now Wal-Mart has extended toJinan, the hometown of Rui Fu Xiang, with a Wal-Mart Supercenter with a budget of US$40 million.
Similar Management Beliefs
Actually we could find some similarities if we compare the management beliefs of Rui Fu Xiang and Wal-Mart.
Customer-friendly service
As a merchant deeply influenced by Confucianism, Meng Hongsheng set the motto of "Honesty as the foundation." Silk and cloth was processed atSuzhou, and were all branded with "Rui Fu Xiang" as a guarantee for quality. Rui Fui Xiang also prepared facilities to please and serve customers. For instance, all customers were treated to high-quality tea. Similarly, Wal-Mart employees works with the philosophy to respect every individual as every individual deserves to be treated with due respect and dignity, and to satisfy the demands of the customers by adopting a low price strategy so that people of all economic classes can walk into Wal-Mart and shop for what they need.
Inter-industry and inter-regional sales
In the 1930s, Rui Fu Xiang extended its business to silk, embroidery, tea, jewelry, pawnshops, and banks. It possessed more than 30 stores inBeijing,Tianjin,Shenyang,Shanghai, and other major towns in China. Wal-Mart developed in a similar way. Starting from a small town in the United States, Wal-Mart stores now cover a large territory in the world. Founded only a decade ago, the international division already accounts for 17 and 11 percent of the corporation's total sales and profits respectively.
Email to Friends
Print
Save